In preparing its 2019 adjusting entries, the Wild Rain River Trading Company ... In preparing its 2019 adjusting entries, the Wild Rain River Trading Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: a. 2019 net profit is overstated, the balance in equity is overstated, and assets are correctly stated b. 2019 net profit is overstated, the balance in equity is overstated, and assets are overstated c. Liabilities are understated d. 2019 net profit is understated, the balance in equity is understated, and assets are understated Entries made at the beginning of the next accounting period to reverse the ... Entries made at the beginning of the next accounting period to reverse the effect of various adjustments are calle Select one: a. Reversing entries b. Negative entries c. Simplified entries d. Re-adjusting entries Retained earnings is what type of account? Retained earnings is what type of account? Select one: a. Equity O b. Income c. Expenses d. Asset On 1 March 2018, Indiana Ltd rented out part of its manufacturing premises ... On 1 March 2018, Indiana Ltd rented out part of its manufacturing premises and collected $6000 in advance for a one year period. The receipt was credited to a liability account. At 31 December 2018, Indiana Ltd's end of financial year, the following adjusting journal should be recorded: Select one: a. DR Unearned rent income $5000, CR Rent income $5000 b. DR Unearned rent income $4500, CR Rent income $4500 C. DR Rent receivable $5000, CR Rent income $5000 d. DR Rent income $3000, CR Unearned rent income $3000 n accounting for a partnership, capital and drawings accounts are: In accounting for a partnership, capital and drawings accounts are: Select one: O a. Separate for all shareholders b b. Part of retained earnings c. Combined for all partners d. Separate for each partner